Huawei leads global inverter market as shipments
Chinese companies made up nine of the 10 largest global inverter suppliers in 2024, with total inverter shipments reaching 589 GW
“ Huawei and Sungrow ranked first and second in the rankings for the 10th consecutive year, combining for 55% of the global inverter market.” Total global inverter shipments reached 589 GW (AC) in 2024, up 10% from 2023.
The top 10 PV inverter vendors, led by Chinese giants Huawei and Sungrow, controlled 81% of the global market. Huawei and Sungrow alone captured over 50% of the global share, thanks largely to their popular utility-scale inverters, reports the market analyst.
Nine of the top 10 PV inverter suppliers are based in China. Huawei and Sungrow retained the top two positions for the 10th consecutive year, together accounting for 55% of the global market. Both companies achieved their highest ever market shares in 2024, said Joseph Shangraw, research associate at Wood Mackenzie.
The research placed Huawei and Sungrow in the first and second positions in the rankings for the 10th consecutive year, together accounting for 55% of the global inverter market. In the Asia Pacific region, the growth of inverters was primarily driven by China, which accounted for almost all of the global increase.
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